Deal Pipeline
Monday 04 April 2016
The following is a list of deals covered in detail by M and A Navigator this week:

-TERRA TECH CLOSES ACQUISITION OF CALIFORNIA MEDICAL CANNABIS DISPENSARY

US-based cannabis-focused agriculture company Terra Tech Corp. (OTCQX: TRTC) has closed the acquisition of 100% of the outstanding shares of California, US-based retail medical cannabis dispensary Black Oak Gallery, DBA: Blum Oakland, the company said.
The acquisition includes Blum's fully integrated supply chain, which consists of a sophisticated onsite cultivation facility, its portfolio of proprietary strains, as well as its high volume retail storefront.
Status: Closed

-MORNINGSTAR ACQUIRES DEFINED CONTRIBUTION/DEFINED BENEFIT BUSINESS INTEL PROVIDER RIGHTPOND
US-based investment research company Morningstar, Inc. (NASDAQ: MORN) has acquired business intelligence firm RequiSight, LLC, which does business as RightPond, the company said. RightPond is a provider of business intelligence data and analytics on defined contribution and defined benefit plans for financial services firms.
Morningstar acquired RightPond from Rocaton Investment Advisors, LLC, an institutional investment advisor in Norwalk, Connecticut.
Status: Closed

-SOUTHERN CO CLEARS US ANTITRUST HURDLE IN USD 431M POWERSECURE ACQUISITION
The US Federal Trade Commission has granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act with regard to US-based utility operator Southern Co.'s (NYSE: SO) agreed deal to acquire US-based utility and energy technologies PowerSecure International, Inc. (NYSE: POWR), the companies said.
Status: Agreed

-J.F. LEHMAN AND CO ACQUIRES SHIP REPAIR SCAFFOLDING SYSTEMS FIRM
US-based private equity firm J.F. Lehman and Co has acquired US-based American Scaffold in partnership with company management, the company said. American Scaffold is a provider of scaffolding systems and environmental containment solutions for the maintenance, repair and overhaul of US government vessels.
Headquartered in San Diego, CA, the company employs approximately 300 people across the United States.
Status: Closed

-BLACKHAWK NETWORK ACQUIRES PREPAID CONSUMER PROMOTIONS, INCENTIVES FIRM
US-based prepaid and payments network Blackhawk Network has acquired prepaid consumer promotions and incentives company extrameasures, Blackhawk said.
Through its customised rebate programmes, extrameasures offers Visa prepaid cards and private label merchant-specific reward and gift cards with a proprietary platform to help businesses drive consumer acquisition, engagement and loyalty.
Status: Closed

-WELLS FARGO CLOSES USD 1.05BN SALE OF CROP INSURANCE BUSINESS TO ZURICH
US-based financial services firm Wells Fargo and Co. (NYSE: WFC) has closed an agreement with Swiss insurer Zurich Insurance Group's Zurich American Insurance Co. subsidiary to sell its crop insurance business, Rural Community Insurance Services, and its Rural Community Insurance Co subsidiary, Wells said. Under the deal, Zurich paid USD 700m. The deal was agreed last December.
The two are collectively known as Rural Community Insurance Services, one of the nation's largest crop insurance providers, recording approximately USD 1.9bn in gross written premiums in 2015.
Status: Closed

-CYRUSONE CLOSES USD 130M ACQUISITION OF SUBURBAN CHICAGO DATA CENTRE
US-based data centre operator Global data center solutions provider CyrusOne, Inc. (NASDAQ: CONE) has closed the previously announced acquisition of a suburban Chicago data centre in Aurora, Ill., from US-based financial exchange operator CME Group, the company said.
This transaction expands CyrusOne's existing portfolio of more than 30 data centers across the US and overseas and provides customers involved in the global financial markets with connectivity and proximity to the CME Globex platform.
Status: Closed

-CVR PARTNERS CLOSES USD 533M ACQUISITION OF RENTECH NITROGEN PARTNERS
US-based fertiliser makers CVR Partners, LP (NYSE: UAN) and Rentech Nitrogen Partners, L.P. (NYSE: RNF) have close a deal under which CVR Partners acquired all outstanding units of Rentech Nitrogen, the companies said. The combination excludes Rentech Nitrogen's Pasadena facility, which will be retained by current holders of Rentech Nitrogen, or sold separately for their benefit.
Total consideration for Rentech Nitrogen excluding the Pasadena facility is USD 533m, implying a total enterprise value of approximately USD 839m, based on closing prices on 7 August 2015.
Status: Closed

-FRONTIER CLOSES USD 10.54BN ACQUISITION OF VERIZON'S CALIFORNIA, FLORIDA AND TEXAS WIRELINE BUSINESS
US-based telecommunications company Frontier Communications Corp. (NASDAQ: FTR) has closed its acquisition of US-based telecommunications company Verizon Communications Inc.'s (NYSE: VZ) wireline operations that provide services to residential, commercial and wholesale customers in California, Florida and Texas, for USD 10.54bn in cash, the company said.
These Verizon properties include 3.7m voice connections, 2.2m broadband connections, and 1.2m FiOS video connections.
Status: Closed

-TIME INC SELLS US HOME IMPROVEMENT BRAND THIS OLD HOUSE TO FORMER EXECUTIVE, TZP GROWTH PARTNERS
Eric Thorkilsen, a media and publishing executive, and private equity fund TZP Growth Partners I, L.P. have acquired home improvement brand This Old House Ventures, LLC, from US-based publishing and media company Time Inc. (NYSE: TIME), Time said.
Thorkilsen served as president of This Old House Ventures between 1995 and 2004. He will become chief executive of the company. A multi-platform home improvement brand, This Old House offers homeowners information and expert advice through two television series, one of the category's online destinations, a magazine and a line of books.
Status: Closed

-DASSAULT SYSTEMES TO ACQUIRE FULL OWNERSHIP OF 3DPLM SOFTWARE INDIA JV
French 3D design software specialist Dassault Systèmes (PAR: DSY) and Indian engineering software firm Geometric Ltd. have reached an agreement whereby Dassault Systèmes will acquire full ownership of 3DPLM Software Ltd. (3DPLM), its joint venture in India with Geometric Ltd., the companies said.
3DPLM, formed in 2002, comprises a talented team of 2,000 employees in India working on research and development and services related to Dassault Systèmes' 3DEXPERIENCE platform and brand applications.
Status: Agreed

-TSYS CLOSES USD 2.35BN ACQUISITION OF MERCHANT SOLUTIONS PROVIDER TRANSFIRST
US-based payment solutions provider TSYS (NYSE: TSS) has closed an agreement with Vista Equity Partners to acquire US merchant solutions provider TransFirst in an all-cash transaction valued at approximately USD 2.35bn, the company said.
TransFirst delivers merchant solutions to more than 235,000 small and medium-sized businesses in the US through its proprietary technology, end-to-end customised and multi-channel products. The transaction enhances TSYS' offering and position in the high-growth areas of integrated payments, e-commerce and omni-channel services.
Status: Closed

-BRISTOL-MYERS SQUIBB CLOSES ACQUISITION OF AUTOIMMUNE SPECIALIST PADLOCK THERAPEUTICS
US-based drugmaker Bristol-Myers Squibb Company (NYSE: BMY) has closed its acquisition of US-based biotechnology company Padlock Therapeutics, Inc., the company said. Padlock Therapeutics, of Cambridge, Massachusetts-based, is focused on creating new medicines to treat destructive autoimmune diseases.
The transaction includes upfront and near term contingent milestone payments of up to USD 225m and additional contingent consideration of up to USD 375m upon the achievement by Bristol-Myers Squibb of certain development and regulatory events.
Status: Closed

-COMMUNITY HEALTH SYSTEMS ACQUIRES FAYETTEVILLE, ARKANSAS HOSPITALS
US-based hospital operator Community Health Systems, Inc. (NYSE: CYH) has acquired an 80% ownership interest in 20-bed Physicians' Specialty Hospital in Fayetteville, Arkansas, the company said.
Physicians' Specialty Hospital is located in the Arkansas region served by Northwest Health, a CHS-affiliated network with three hospitals, four convenient care centres and associated outpatient clinics. Community Health Systems, through its subsidiaries, currently owns, leases or operates 198 affiliated hospitals in 29 states with an aggregate of approximately 30,000 licensed beds.
Status: Closed

-SCHLUMBERGER CLOSES USD 14.8BN ACQUISITION OF CAMERON
US-based oilfield services firm Schlumberger Ltd. (NYSE: SLB) has closed its acquisition of Cameron (NYSE: CAM) in a stock and cash transaction, the company said. Under the terms of the agreement, Cameron shareholders received 0.716 shares of Schlumberger common stock and a cash payment of USD 14.44 in exchange for each Cameron share.
The deal is worth Total USD 14.8bn. With the closing, Cameron shareholders own approximately 10% of Schlumberger's outstanding shares of common stock.
Status: Closed

-CONSOL ENERGY CLOSES USD 420M SALE OF BUCHANAN MINE, OTHER COAL ASSETS
US-based natural gas and coal producer Consol Energy Inc. (NYSE: CNX) has closed on the sale of the Buchanan Mine in southwestern Virginia and certain other metallurgical coal reserves to Coronado IV LLC, the company said. Total consideration to Consol totaled USD 420m in value, including USD 402.8m cash paid at the closing.
Consol Energy is a Pittsburgh-based producer of natural gas and coal. The company is one of the largest independent natural gas exploration, development and production companies, with operations centered in the major shale formations of the Appalachian basin.
Status: Closed

-LINCOLN MILITARY HOUSING ACQUIRES LEWIS-MCCHORD COMMUNITIES UNITS
US-based military housing company Lincoln Military Housing has expanded its portfolio by 16% with the acquisition of over 5,000 units at US military base Joint Base Lewis-McChord, the company said. Lincoln Military Housing now oversees more than 36,000 military family homes at 35 installations in 11 states and the District of Columbia.
Joint Base Lewis-McChord is located in the Pacific Northwest's Puget Sound region, neighbouring Tacoma, Olympia, and Seattle, Washington and is home to more than 40,000 active, Guard and Reserve Service members and 15,000 civilian workers.
Status: Closed

-US MEDICAL EQUIPMENT DISTRIBUTORS KREISERS, MMS AND SENECA CLOSE MERGER
US-based medical equipment distributors Kreisers, Inc., MMS and Seneca Medical have close a merger agreement to form Concordance Healthcare Solutions, LLC, the companies said. The combination brings together three strong, growing and respected regional medical supply distributors.
Concordance will have approximately 1,000 employees, 19 distribution centres and USD 1.1bn in annual sales. MMS's executive vice president, Tom Harris, and Seneca's CEO, Roger Benz will serve as co-presidents of Concordance Healthcare Solutions.
Status: Closed

-US SHOPPING CENTRE REIT DDR CLOSES USD 421M OF ACQUISITIONS, DISPOSITIONS IN 1Q16
US-based shopping centre REIT DDR Corp. (NYSE: DDR) closed on the acquisition of one power center valued at USD 61m and the disposition of 19 assets totaling USD 360m at 100% ownership during 1Q16, the company said.
The company acquired Palm Valley Pavilions West, a 277,000-square-foot power centre located in Phoenix, Arizona. Junior anchors at the center include Ross Dress for Less, Total Wine and More, Best Buy, and Ulta. Palm Valley Pavilions West is DDR's seventh asset in Phoenix, which is DDR's fourth largest market ranked by net operating income.
Status: Closed

-BANKRUPT US COAL PRODUCER WALTER ENERGY CLOSES SALE OF ALABAMA ASSETS
Bankrupt US-based coal producer Walter Energy, Inc. (OTC: WLTG) has closed the sale of substantially all of its core assets, comprising its Alabama coal assets, to Warrior Met Coal, LLC (formerly known as Coal Acquisition LLC), an entity owned by the company's first lien creditors, Walter said.
On 8 January 2016, the Bankruptcy Court for the Northern District of Alabama entered an order approving the sale pursuant to section 363 of the Bankruptcy Code and entry into an asset purchase agreement setting forth the terms of the sale transaction, after a court-supervised auction process.
Status: Closed

-HYSTER-YALE CLOSES INDIRECT ACQUISITION OF MAJORITY STAKE IN ITALY'S BOLZONI
US-based equipment company Hyster-Yale Materials Handling, Inc. (NYSE: HY) and the shareholders of Italian holding company Penta Holding S.p.A. (the majority shareholder of Bolzoni S.p.A.) have closed a deal Hyster-Yale acquired, through an indirect wholly-owned subsidiary, 100% of Penta's outstanding shares in Bolzoni for an aggregate purchase price of EUR 53,495,837, the companies said.
The deal is worth around USD 59.7m. Penta is the holder of a majority stake of approximately 50.4% in Bolzoni S.p.A. Bolzoni S.p.A. is an Italian company whose shares are listed and traded on the STAR segment of the Italian stock exchange, operated and managed by Borsa Italiana S.p.A.
Status: Closed

-THE ANDERSONS TO SELL GRAIN AND PLANT NUTRIENT ASSETS IN IOWA
US-based agribusiness The Andersons, Inc. (NASDAQ: ANDE) has signed an agreement to sell eight of its facilities in Iowa to MaxYield Cooperative of West Bend, Iowa, the company said. The Andersons acquired the eight grain and agronomy locations as a part of its 2012 acquisition from Green Plains Grain Co.
According to The Andersons, the Tennessee assets acquired during that same transaction will remain a part of the company. This transaction does not divest or otherwise involve the company's ethanol facility or recently-acquired Nutra-Flo facilities in Iowa.
Status: Agreed

-HONEYWELL CLOSES USD 480M ACQUISITION OF SMOKE DETECTOR MAKER XTRAILS
US-based industrial conglomerate Honeywell (NYSE: HON) has closed its acquisition of Irish smoke detection, security technologies and video analytics software company Xtralis for USD 480m from funds advised by Pacific Equity Partners and Blum Capital Partners, Honeywell said. Xtralis aspirating smoke detection solutions protect critical infrastructures worldwide.
They are used in data centres, historical buildings, airports, industrial sites and manufacturing facilities to provide very early warning and verification of threats to speed response time and minimize facility damages and potential injuries.
Status: Closed

-RENASANT CLOSES USD 58.7M ACQUISITION OF KEYWORTH BANK
US-based bank holding company Renasant Corp. (NASDAQ: RNST) closed its acquisition of US-based KeyWorth Bank in a transaction valued at approximately USD 58.7m, the companies said.
Founded in 2007, KeyWorth operates six offices in the Atlanta, Georgia metropolitan area and as of June 30, 2015, had approximately USD 389m in total assets, which included approximately USD 246m in total loans, and approximately USD 336m in total deposits.
Status: Closed

-EMPIRE PETROLEUM ACQUIRES DISTRIBUTION CONTRACTS FROM TIPLE A FUELS
US-based motor fuels distributor Empire Petroleum Partners, LLC has acquired the wholesale distribution rights of Texas branded fuels distributor Triple A Fuels, Inc. the company said. Triple A Fuels supplies branded fuel to gas stations primarily in the Dallas-Fort Worth Metroplex.
Empire said that the addition of the Triple A accounts solidifies the company's Southwest regional footprint in Texas and increases Empire's existing partnerships with Shell and Chevron.
Status: Closed

-MIDMICHIGAN HEALTH ACQUIRES ALPENA REGIONAL MEDICAL CENTER
US-based University of Michigan Health System's MidMichigan Health affiliate has acquired Alpena Regional Medical Center, the company said. Alpena Regional has become the fifth Medical Center in the MidMichigan Health system. To reflect the hospital joining MidMichigan, ARMC has changed its name to MidMichigan Medical Center Alpena.
Status: Closed

-US BROADCAST STATION M/A DEAL VOLUME WAS USD 4.69BN IN 1Q16, ACCORDING TO SNL KAGAN
US broadcast station M/A volume reached USD 4.7bn in 1Q16, excluding construction permits and partial deals, according to an estimate from SNL Kagan, a group within S/P Global Market Intelligence. Almost the entire TV volume of USD 4.61bn was attributable to Nexstar Broadcasting Group Inc.'s January 27 definitive agreement to acquire all of Media General Inc.'s assets.
The remaining 3%, or USD 13.1m, came from a few small transactions filed before the FCC Incentive Auction quiet period, initiated on January 12.
Status: Closed

-CORUS ENTERTAINMENT CLOSES CDN 2.65BN ACQUISITION OF SHAW MEDIA
Canadian media and content company Corus Entertainment Inc.  (TSX. CJR.B) has closed its acquisition of Shaw Media Inc., the company said. On 13 January Corus entered into an agreement to acquire all of Shaw Media Inc. from Shaw Communications Inc. for CDN 2.65bn (USD 2.03bn) to be paid through a combination of cash and Corus class B Shares.
SCI received CDN 1.85bn in cash and 71m Corus class B Shares at CDN 11.21 per share, which is based on current volume weighted average trading prices on the Toronto Stock Exchange.
Status: Closed

-US GROCER KROGER INVESTS IN LUCKY'S MARKET AS PART OF STRATEGIC PARTNERSHIP
US-based grocery retailer The Kroger Co. (NYSE: KR) has forged a strategic partnership with US-based specialty grocery store chain Lucky's Market, the company said. Lucky's Market is focused on natural, organic and locally-grown products.
Under the deal Kroger said it has made a "meaningful investment" in Lucky's, which will significantly accelerate Lucky's Market's growth in new markets. Founded in 2003 and based near Boulder, Colorado, Lucky's Market and its affiliates employ more than 1,800 associates and operate 17 stores in 13 states throughout the Midwest and Southeast United States.
Status: Closed

-SILVER LAKE, GIC TO UP STAKES IN FAMILY HISTORY DATA, DNA TESTING FIRM ANCESTRY
US-based online family history data and personal DNA testing provider Ancestry.com LLC, current investor Silver Lake and Singaporean investment firm GIC have signed a definitive agreement for Silver Lake and GIC to acquire substantial equity stakes in Ancestry from existing equity holders at an enterprise value of approximately USD 2.6bn, the company said.
Following the transaction, Silver Lake and GIC will hold equal minority ownership positions in Ancestry, while other current investors - the Permira funds, Spectrum Equity and Ancestry management, including president and chief executive officer Tim Sullivan and chief financial and chief operating officer Howard Hochhauser - will remain as meaningful equity investors in the company and, along with GIC, will continue to own a majority of the company.
Status: Agreed

-WELSH, CARSON ANDERSON AND STOWE CLOSES ACQUISITION OF INTUIT'S QUICKBASE BUSINESS
US-based private equity firm Welsh, Carson, Anderson and Stowe has closed a deal with Intuit Inc. to acquire its QuickBase business, the firm said.
QuickBase provides a low-code development platform to more than 6,000 business customers to enable the creation and rapid deployment of customised, purpose-built cloud applications. WCAS said it plans to operate QuickBase as a stand-alone company with its headquarters based in Cambridge, Mass. 
Status: Closed

-MAGAL S3 ACQUIRES VMS SOFTWARE FIRM AIMETIS
Israeli physical and cyber security company Magal Security Systems, Ltd.'s (NASDAQ: MAGS) Canada-based Senstar subsidiary has acquired VMS software firm Aimetis for an enterprise value of approximately USD 14m, Magal said. Aimetis is a Canadian-based company, headquartered in Waterloo, Ontario.
It is a specialist in intelligent IP video management software, and was recently recognized by Deloitte, a leading consulting and accounting firm, as one of the fastest growing technology companies in North America.
Status: Closed